On Wednesday, January 10, the US Securities and Exchange Commission (SEC) finally approved the launch of spot Bitcoin ETFs, representing a remarkable event in US trading history. So far, market data on these investment funds have confirmed theories of increased institutional demand for Bitcoin, with over $800 million in total net inflows and $3.6 billion in trading volume recorded across the first two days of trading. Although these inflows are yet to be reflected in BTC’s price, as the premier cryptocurrency dipped by 2% in the last week, the spot Bitcoin ETFs have certainly kicked off with a blast which is indicative of potential gains for the world’s largest asset and the general crypto market. Related Reading: Bitcoin ETF Approval Triggers $1.2 Billion Trading Volume And New Highs For BTC Price Spot Bitcoin ETFs Attract Over $1.4 Billion In Two Days – Bloomberg Data In an X post on January 13, Bloomberg ETF analyst Eric Balchunas shared some insight on the impressive performance of the spot Bitcoin ETFs in their debut trading week. Balchunas noted that of the 11 approved spot BTC ETFs, nine have recorded a total inflow of over $1.4 billion. Leading the lot is BlackRock’s IBIT, with an estimated asset inflow of $497.7 million, closely followed by Fidelity’s FBTC, which boasts about $422.3 million in investment. The BTC spot ETFs of Bitwise and ARK/21 Shares have also produced a significantly positive performance attracting $237.9 million and 105.2 million, respectively. On the other hand, Grayscale’s GBTC has been the market outcast, recording a stunning $579 million in outflows over the first two days of trading. Source: Bloomberg Following the SEC’s approval on Wednesday, investors cashed in heavily on GBTC, which was recently converted from a closed-end fund to a spot ETF. SkyBridge Capital founder Anthony Scaramucci has already commented on this trend describing it as one of the potential reasons behind Bitcoin’s dip in the last week. In total, the spot Bitcoin ETF market recorded an impressive net inflow of $818.9 million in its debut trading week. These figures are likely to improve in the next few weeks as selling volume eventually declines. Meanwhile, investors still anticipate the debut of Hashdex’s spot ETF – DEFI – which is undergoing fund conversion from the company’s Bitcoin futures ETF. Related Reading: Spot Bitcoin ETFs Could Trade 8% Above Fair Value: Renowned Expert BTC Price Overview At the time of writing, Bitcoin exchanges hands at $42,980 reflecting a 0.73% loss in the last day. Meanwhile, the token’s daily trading volume has plummeted by 62.33% and is now valued at $16.9 billion. However, with a market cap of $842.23 billion, Bitcoin remains the largest cryptocurrency in the world. BTC trading at $42,916.07 on the daily chart | Source: BTCUSDT chart on Tradingview.com Featured image from Yahoo Finance, chart from Tradingview
